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Ch 4 Book Notes Material Type: Notes; Professor: Myers; Class: MARKETING PROBLEMS; Subject: Marketing; University: Virginia Commonwealth University; Term: Summer 2010;
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Ch. 4 Notes (pgs: 65-73) Opportunity Analysis consists of 3 interrelated activities: Opportunity Identification: Opportunity Organization Matching: determines whether an identified market opportunity is consistent with the definition of definition of the org’s bus. mission statement and distinctive competencies. SWOT Opportunity Evaluation: 2 distinct phases: o Qualitative: focuses on matching the attractiveness is dependent on Competitive activity Buyer requirements Market demand and supplier sources Social, political, economic and technological forces Organizational capabilities o Quantitative: yields estimates of market sales potential and sales forecasts, produces budgets for financial, human, marketing, and production resources. Market: prospective buyers wiling and able to purchase the existing or potential offerings of an org. Market share: the sales of a company, product or service or brand divided by the sales of the market, expressed a % Market Segmentation: the breaking down or building up of potential buyers into groups that are homogenous. Benefits are: o Identifies opportunities for new product development o Helps in the design of marketing programs that are most effective for reaching homogeneous groups of consumers o Improves the allocation of marketing resources Bases for Market Segmentation o Socioeconomic characteristics: gender, age, occupation, income, family life cycle, education, geographic location o Behavioral variables: benefits sought form products and services, usage behavior, lifestyle, attributes. Effective Market Segmentation should answer: o Who they are? o What do they want to buy? o How do they want to buy? o When do they want to buy? o Where do they want to buy? o Why do they want to buy? Each Market segment should be: o Measurable: size and buying power
o Differentiable: distinguishable from other segments & responds diff. to mktg programs o Accessible: can be reached and served through an economically viable marketing program o Substantial: should be large enough to cover the cost of the org. serving it Market Targeting: o Where to compete? o How to compete? Differential marketing- simultaneously pursues several different market segments Concentrated approach- focuses on a single market segment o When to compete?